Morningstar

Integral Diagnostics Ltd IDX

Morningstar Rating
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Stock XASX Rating as of
A$3.05 +0.03 (0.99%)
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As of Delayed Price Closed

Company Report

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Integral Diagnostics Earnings: Lagging Industry Growth but Margin Recovery Underway

Shane Ponraj

No-moat Integral Diagnostics' fiscal 2024 Australian revenue grew 7.2%, driven by increases to government funding and out-of-pocket fees, but was below market growth of 9.5%. However, we maintain our AUD 3.60 fair value estimate, with shares undervalued. We remain positive on Integral's margin recovery as it focuses on digitization and higher-value imaging modalities. Teleradiology now accounts for roughly 15% of Integral's Australian revenue. Our long-term estimates, including a group midcycle fiscal 2034 EBITDA margin forecast of 24%, are broadly unchanged.

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Price vs Fair Value

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IDX is trading at a 148% premium.
Price
A$3.05
Fair Value
A$9.60
Uncertainty
Medium
1-Star Price
A$9.19
5-Star Price
A$5.41
Economic Moat
Yzq
Capital Allocation
Cnzztnwm

Bulls Say, Bears Say

Bulls

Earnings are defensive driven by demographic factors and wider adoption of preventative diagnostics.

Bears

Barriers to entry are relatively low and Integral has no discernible intangible assets that are unique, exclusive, or irreplicable.

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Trading Information

Previous Close Price
A$3.02
Day Range
A$2.93–3.05
52-Week Range
A$1.64–3.06
Bid/Ask
A$3.02 / A$3.05
Market Cap
A$713.58 Mil
Volume/Avg
323,981 / 613,932

Key Statistics

Price/Earnings (Normalized)
49.68
Price/Sales
1.52
Dividend Yield (Trailing)
1.90%
Dividend Yield (Forward)
1.90%
Total Yield
1.90%

Company Profile

Integral Diagnostics Ltd is Australia’s fourth-largest diagnostic imaging provider. In Australia, imaging revenues are almost entirely earned via the public health Medicare system. Integral typically earns approximately 90% of group revenue from diagnostic imaging in Australia and the remainder from diagnostic imaging in Auckland, New Zealand. In Australia, Integral services regional areas in Queensland, Victoria, New South Wales, and Western Australia.
Sector
Healthcare
Industry
Diagnostics & Research
Stock Style Box
Small Growth
Total Number of Employees
1,749
Website
http://www.integraldiagnostics.com.au

Competitors

Valuation

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Metric
IDX
HLS
SHL
Price/Earnings (Normalized)
 49.6810.0225.03
Price/Book Value
 2.361.221.65
Price/Sales
 1.520.661.45
Price/Cash Flow
 10.764.3312.08
Price/Earnings
IDX
HLS
SHL

Financial Strength

Metric
IDX
HLS
SHL
Quick Ratio
 0.780.410.86
Current Ratio
 0.870.501.01
Interest Coverage
 −1.57−8.184.49
Quick Ratio
IDX
HLS
SHL

Profitability

Metric
IDX
HLS
SHL
Return on Assets (Normalized)
 2.33%−0.12%3.75%
Return on Equity (Normalized)
 5.57%−0.32%6.67%
Return on Invested Capital (Normalized)
 4.85%2.29%4.07%
Return on Assets
IDX
HLS
SHL

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